Ichimoku analysis (4-Hour chart)
Tenken-Sen- 1.19370
Kijun-Sen- 1.19089
EURUSD is trading between 1.19507 and 1.19358 for the past four hours ahead of US PCE inflation. The demand for riskier assets increased after US President Biden has finalized an infrastructure deal with a bipartisan group of senators. The economic data released came mixed with weaker than expected US durable goods orders and positive US jobless claims. The pair hits an intraday high of 1.19507 and is currently trading around 1.19400.
Technical:
On the higher side, near-term resistance is around 1.19703, and any convincing breach above will take to the next level 1.2000/ 1.2035 (200- day MA). The pair's near-term support is around 1.1880, break below targets 1.1840/1.1800.
Indicator (4-hour chart)
CAM indicator- Bullish
Directional movement index –Bullish
It is good to buy on dips around 1.19350-360 with SL around 1.1900 for the TP of 1.2040.
